Category Archives: Bookkeeping

The company integrates all accounting tools to ensure accuracy, prove compliance, prepare detailed financial reports, make informed business decisions and work efficiently with accountants. So, if you ever sign-up for a plan for them in the middle of the year, you do not have to worry about the data from the first half of the […]

Businesses have different bookkeeping needs which vary based on industry, company size, federal and state regulations, as well as a number of other factors. Apart from saving you time, automated bookkeeping helps reduce human error, removes some security concerns, and saves money. The simplest way to account for retainage is to include two sets of […]

Implement systems to accurately track and report all payments to employees and contractors. Especially when dealing with contractors, accurate payroll management is crucial for compliance and cost control. It involves tracking hours worked, calculating wages, managing benefits, and ensuring proper tax withholding and reporting. Improving your process starts with understanding how construction accounting is unique, […]

Once adjusting entries have been made, closing entries are used to reset temporary accounts. You might be asking yourself, “is the Income Summary account even necessary? ” Could we just close out revenues guide to how to do marketing research and expenses directly into retained earnings and not have this extra temporary account? We could […]

At the beginning and end of every period, companies must open and close their temporary accounts in order to record their financial information for reporting purposes accurately. This process shifts the balance of funds and effectively brings the closing balance to zero. This means thatit is not an asset, liability, stockholders’ equity, revenue, orexpense account. […]